Exports of medicinal products for November return $700 million

Monthly pharmaceutical exports returned to the $700 million mark in November, but the deficit grew further due to vaccination.

According to the Korean International Trade Association, monthly exports of medicinal and pharmaceutical products (SITC 54) were restored to the $700 million mark in November, up $50 million from $677.35 million in October to $721.22 million.

However, the year-on-year increase fell sharply from 18.7% in October to 3.8% in November, but the cumulative exports for 11 months amounted to $7.6311 billion, up 22.7% year-on-year and maintained a 20% growth.

Imports, which exceeded $1 billion for two months, dropped nearly $200 million from October to $944.2 million, falling below the $1 billion mark in three months.

Nevertheless, this is still a nearly 30% increase from the same period last year, maintaining double-digit growth for the fifth consecutive month.

Moreover, the cumulative 11-month imports also jumped 25.5% year-on-year to $9.8247 billion, reaching the $10 billion mark.

The trade deficit is also increasing steeply. The deficit in November was the lowest at $222.79 million in the second half, but the deficit has continued to exceed $200 million for the fifth consecutive month.

The monthly trade deficit for pharmaceutical products, which exceeded $200 million in April, fell to $88.31 million in June but soared to the $200 million mark in July and $664.07 million in September.

This is because monthly drug imports have surged to $1.3 billion for the first time in history as mRNA vaccinations have run.

Since then, the deficit decreased slightly from September, but as large-scale losses such as $442.1 million in October, and $222.79 million in November continued, the 11-month cumulative deficit was $2.193 billion, up 36.2% year-on-year.